Yea, although true timescales are at least 10x shorter. In 500m years Earth oceans will boil out completely, talk about global warming. Humans will die way sooner, though.
The human species doesn't matter. Species come and go. The only thing that matter is Life. Life must continue.
I understand that in 500m years luminosity will increase by 5%. By then we should be able to survive that modest increase. Where did you get 500m years?